Grand View Research forecast a 33.7% annual increase in investments towards the global fuel cell vehicles market.
The research firm expects the market to generate $1.75 billion by 2025 from $194.5 million in 2017.
The rapid growth is a result of an increase in investments by governments towards the development and adoption of fuel cells and the growing adoption of clean energy. The main aim is to reduce carbon emissions
Owing to the massive investment made by the US Department of Energy towards R&D of fuel cells and infrastructure, North America had the largest market share in 2017 and is expected to record an annual growth of 36.0% during the forecast period.
Europe, which accounted for 3% of the overall market in 2017, is expected to be the fastest growing region with CAGR of more than 38.0% over the forecast period.